World's Richest Countries
Luxembourg, Norway & Switzerland Lead Top Ten GNP Nations
GNP per capita is the most widely accepted index for a country's financial success. Also referred to as Gross National Income, this much publicized statistic represents the total amount of money that a country's consumers spend on all goods and services in a year, divided by that country's population.
GNP per capita only counts consumption that can be measured in money. Therefore GNP statistics cannot capture the true quality of life in a country, nor do they necessarily define the best nations in the world. GNP per capita does tell a general story about a country's overall wealth - one that should be taken with a grain of salt and without stereotyping the living standard for all citizens.
Based on World Bank Development Indicators published in July 2006, here are the 10 richest countries in the world. GNP per capita for each country is shown in US dollars.
Ten Richest Countries (based on 2004 GNP per capita in US$)
- Luxembourg ... $56,380
- Norway ... $51,810
- Switzerland ... $49,600
- United States ... $41,440
- Denmark ... $40,750
- Iceland ... $37,920
- Japan ... $37,050
- Sweden ... $35,840
- Ireland ... $34,310
- United Kingdom ... $33,630
Luxembourg's high GNP per capita is due in part because a significant part of its workforce lives in neighbouring countries. Non-resident workers are not counted in Luxembourg's population which in turn raises the country's GNP per capita score. Bordered by Belgium, France and Germany, Luxembourg is strategically located close to its primary international trade partners particularly Belgium and the Netherlands. As a member of the European Union, Luxembourg also enjoys the advantages of the open European market.
Canada finished in 21st place with GNP per capita of $28,310 (again, amount is in US$).
And The Winners Are...
Another measure that determines the world's richest countries is the GNP per capita based on global purchasing power parity (PPP). GNP per capita based on PPP represents the statistic converted to international dollars using purchasing power parity rates. An international dollar has the same purchasing power in a given country as a U.S. dollar has in the United States.
Ten Richest Countries (based on 2004 PPP GNP per capita in international$)
- Luxembourg ... $61,610
- United States ... $39,820
- Norway ... $38,680
- Switzerland ... $35,660
- Ireland ... $32,930
- Iceland ... $32,370
- Austria ... $31,800
- Denmark ... $31,770
- Hong Kong ... $31,560
- Belgium ... $31,530
The U.K. finished in 11th place with PPP GNP per capita of $31,430 while Canada came in 5 places lower at 16th place with $30,760 in international $.
The world's richest nations enjoy GNPs per capita up to 115 times greater than those of the world's poorest countries.
Gross Domestic Product (GDP) is the sum of value added by all resident producers. Nations with the fastest growing GDPs were Chad (29.8%), Ukraine (12.1%), China (10.1%), Russia (7.7%), Iceland (5.2%) and Luxembourg (4.5%),
Sources: World Bank Development Indicators for 2006 Table 1.1 - Size of the Economy and Table 1.6 - Key indicators for other economies
